The harmonic filter market is projected to reach USD
1.12 Billion by 2023, at a CAGR of 6.65% from 2017 to 2023. The base
year used for study is 2016, and the forecast period is from 2017 to
2023. This report provides a detailed analysis of the market based on
type, voltage level, phase, end user, and region. Based on voltage type,
the low voltage harmonic segment is estimated to account for the
largest share of the market by 2023. In addition, this segment is
expected to grow at the highest rate between 2017 and 2023.
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To estimate the size of the harmonic filter market,
top players in the market and their market shares have been considered
in this report. This research study involves extensive use of secondary
sources, such as annual and financial reports of top players,
presentations, press releases, journals, paid databases, and interviews
with industry experts. The research methodology is explained below:
- Analyzing the overall size of the individual markets through percentage split with the help of primary and secondary research
- Analyzing several market segments and subsegments
- Analyzing supply and demand sides of the harmonic filter market ecosystem
- Analyzing market trends in various regions and countries, supported by the ongoing research and development in these regions
- Finalizing overall market sizes by triangulation with supply-side data, which includes product development, supply chain, and estimated sales in the harmonic filter market
“The market for active type harmonic filters is expected to grow at the highest CAGR during the forecast period”
Active filters not only eliminate harmonics in a
power signal but also offer other capabilities, such as the elimination
of voltage and current harmonics, improving the power factor of
rectifiers, AC and DC drives, and UPS, reactive power compensation,
regulation of terminal voltage, and compensation for voltage flickering.
“Based on voltage level, the low voltage harmonic segment is expected to grow at the highest CAGR between 2017 and 2023”
Low voltage harmonic filters find application in
various manufacturing and process industries, power plants, and harbor
cranes. Therefore, based on voltage level, the low voltage harmonic
segment led the harmonic filter market in 2016. Furthermore, this
segment is expected to grow at the highest CAGR during the forecast
period.
“APAC estimated to account for the largest share of the harmonic filter market in 2023”
The APAC region is estimated to account for the
largest share of the harmonic filter market in 2023. This can be
attributed to a large number of manufacturing and processing industries
in the APAC region, especially in countries, such as China, India,
Singapore, and South Korea. Manufacturing and processing industries
require harmonic filters to maintain smooth operations of machines in
these sectors.
The major players in this market are ABB Ltd.
(Switzerland), Schneider Electric SE (France), Eaton Corporation Plc
(Ireland), Danfoss A/S (Denmark), and Schaffner Holding AG
(Switzerland), among others.
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